小菜园(00999)涨超3%，截至发稿，涨3.33%，报10.54港元，成交额1313.48万港元。

华泰证券发布研报称，小菜园2024年收入52.1亿/yoy+14.5%，录得归母净利5.81亿/yoy+7.4%，收入/利润基本符合该行预期(收入：52.6亿；归母净利：5.84亿)，归母净利率11.1%/yoy-0.6pct，经调整净利润5.86亿/yoy+7.4%(不考虑上市开支、赎回负债账面值变动等非经项)。该行认为，复杂的市场环境之下，公司凭借优秀的门店运营效率较好消化同店销售压力，毛利率、净利率表现均突显韧性。展望长期，公司菜品定位紧密贴合大众需求、抗潮流属性较强，外卖业务新增量有望增厚同店收入；独特的激励机制护航稳健扩张，规模体量增大有望进一步发挥成本费用端管控优势，巩固盈利能力。

但瑞银指出，小菜园去年收入逊预期，部分被毛利率胜预期所抵销，公司将去年纯利65%用作派发股息，管理层表示之后会维持高派息比率。该行指，公司目标今年开设最少120家餐厅，并计划到2026年底达到1,000家门店的目标，当中包括在北京及天津开设30家至40家，并计划年内在中国香港及新加坡开店，在适当时候逐步进军东南亚市场。

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